Wells Fargo approved to use advanced approaches for capital requirementsWells Fargo announced the Federal Reserve Board and the Office of the Comptroller of the Currency have permitted it and its national subsidiary banks to begin using the “advanced approaches” capital framework to determine risk-based capital requirements starting in Q2. Additionally, the company noted that the approval did not include stipulations requiring Wells Fargo to increase its current estimated advanced approach risk-weighted assets, or RWA.

Basel Committee says new regulations unlikely, FT reportsIn an interview with the Financial Times, Basel Committee secretary-general William Coen stated most of the post-financial crisis bank regulation is in place, and the committee will now spend 2015 providing clarity on existing regulation. Coen stated that he is strongly inclined to review bank trading book rules by year's end, though the committee's review of market risk regulations may or may not be completed this year. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link

Wells Fargo to close Milwaukee office, cut 1,000 jobs, AP reportsWells Fargo will eliminate about 1,000 jobs in Milwaukee as the bank closes its home lending servicing office in the city, The Associated Press reports. The bank said in an emailed statements that fewer customers have become delinquent on their payments as the economy has improved, and fewer customers have needed assistance to stay in their homes. Reference Link